British sportswear and fashion conglomerate Frasers Group has decided not to move forward with its bid for Norwegian sporting goods retailer XXL. 

The decision was communicated through an official statement to the Oslo Stock Exchange in which Frasers highlighted a lack of sufficient shareholder support as the primary reason for withdrawing its bid.  

The statement read: "Through correspondence with XXL, Frasers has been informed that XXL’s other large shareholders would not accept the intended offer if made.  

“As a result, Frasers has concluded that the condition requiring acceptance of the intended offer by a sufficient number of shareholders to ensure Frasers would hold more than 50% of XXL’s shares and votes on a fully diluted and converted basis would not be fulfilled. Against this background, Frasers has decided not to proceed with the intended offer." 

Frasers Group, which also owns Sports Direct and House of Fraser, is the second-largest shareholder in XXL, with 32.5% of voting rights and 25.8% of issued share capital.  

In December 2024, the company proposed a bid that valued all shares in XXL at Nkr246.35m ($22.16m) - Nkr10 per share.  

This offer price was set at a premium of 25% above XXL's closing price of Nkr8.00 as of 5 December 2024. 

At the time of making the offer, Frasers Group CEO Michael Murray stated: "Our strategic vision and industry experience position us uniquely to help XXL navigate its current challenges. We are committed to ensuring that XXL reaches its full potential." 

XXL has more than 85 stores across Norway, Sweden and Finland, alongside a robust online presence. The company prides itself on its workforce of more than 4,000 employees. 

Despite facing a decline in total operating revenue from Nkr7.96bn in the previous year to Nkr7.18bn in 2024, XXL reported a marginal increase in gross profit, reaching Nkr2.58bn. 

In November 2024, Frasers Group finalised its agreement to acquire South Africa’s sporting goods retailer Holdsport, expanding its regional footprint and strengthening its global growth strategy.